This is just one of those nice touches Apple added to OS X: iCal will try to guess the time of certain events based on their description.

If you add an event with "Breakfast" in the subject, it'll automatically set its time to 9:00 am. Same with lunch at noon, brunch at 11:00, and dinner at 8:00. Of course, not everyone eats meals at those exact times, but hey, it's not like it can read your mind—and it'll work in a pinch if you're just jotting down an event to remember it, exact time be darned.